A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
A life insurance can go to the extra mile and can provide more than just financial protection. Now ensure all your life goals are met at every stage.
Over the past two decades, as a leading insurance provider in India, we have been responsible for the financial protection of countless families at every stage of their lives.
We use cookies to provide you with a great user experience. By using the website, you accept our use of cookies.
No Results
No Results
A new year is about to arrive, and everyone is in stocktaking mode. However good or bad this year was, you will surely do everything possible to make better decisions next year. Better decisions start with planning, not just resolutions. In order to achieve better savings, better returns, and better financial stability, it is crucial to make a financial plan at the beginning of the year. And while you make your financial plan, you should also include tax planning in it, as taxes can change your plans and you need to be ready for that. Here is a tax planning guide 2020 which includes the key points to remember for managing taxes in the new year.
Important Dates
This had to make it to the top of our tax planning guide 2020, since this is a basic aspect that new taxpayers might just forget. And beware, this process starts before March itself. You will have to submit your proofs of investments before the 31st of January 2020. Next, if you want to make any last-minute investments under Section 80C (which are not advisable), the last date for doing so is the 31st of March 2020. Your returns have to be filed before the 31st of July 2020. Last year, this date was extended to the 31st of August 2020. But do not wait for an extended deadline. To be safe, finish your return filing before the due date. Finally, you must verify your returns between October and November 2020. Make note of these dates for your personal tax planning guide.
Claim your refunds
You may pay more tax than what you are liable to pay for the year. Don’t worry, you can claim a refund of the extra payment. In the case that you forget to declare your tax-saving investments and tax has been charged on the amount invested, you can still save tax by asking for a refund. This process can be carried out on the official income tax website. Don’t forget to add this point in your tax planning guide or you might end up losing your hard-earned money.
Digital payments
In this financial year, the government has taken multiple measures to encourage digital transactions over cash transactions. One of them was a 2% TDS on total cash withdrawal from one account amounting to more than Rs. 1 crore. Another measure was the mandate for businesses with an annual turnover of more than Rs.50 crore to make low-cost digital modes of payment such as BHIM UPI, Aadhaar Pay, etc. available to customers.
NPS withdrawal
If you have invested in the National Pension Scheme and your scheme’s maturity is due, it might be a good time to withdraw. Snap shot of benefits:
Make this a part of your tax planning guide before any possible changes in the new budget.
Mandatory ITR filing
In order to widen the tax base, ITR filing was made mandatory for the following entities in the recent amendments brought in. If you fall under any of these and haven’t prepared your personal tax planning guide yet, it is time to do so:
Look beyond Section 80C
It is a misconception that Section 80C is the only available scope for tax-saving. Your term insurance or other life insurance isn't the only instrument you have. When you make your tax planning guide 2020, make sure you take note of Sections 80D, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGC, 80TTA, and 80U as well. There are various donations, premiums, and expenditures that are deductible under these sections. However, as a first step, to get started, you can check out term insurance plans and go from there. To know more about Term Insurance, browse the website for various Term Plans offered by PNB MetLife.
Don’t buy unnecessary insurance plans or loans in March
This is probably the most common mistake you can make when you don’t have a personal tax planning guide. As the end of the financial year comes closer, you might receive calls from companies trying to sell policies and loans. They might sound necessary in the wake of tax-saving requirements, but they might actually be unnecessary for you. Don’t buy them in haste and then regret them later. Do your research no matter how late it is.
Make your 2020 a best planned financial year!
You can browse the website to learn more about the various long term savings plan offered by PNB MetLife.
The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability. The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using the tax-saving deductions and exemptions, if possible.
Disclaimer:
The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.
PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969 Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
AD-F/2019-20/00221
BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
• IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
TAXATION
Before starting with the process in this ITR filing guide, arrange all the required documents pertaining to y...
TAXATION
Investing in different instruments not only helps you to diversify your portfolio and increase your returns, but also helps in maximizing tax ...
TAXATION
So, in order to avoid falling prey to the confusion of income taxes, make sure to closely follow the steps listed out in this ITR filing checklist....
TAXATION
TAXATION
With 2020 right around the corner, now it is a good time to understand a few tax saving tips which can help you save maximum possible amount o...
As your trusted life insurance partner, PNB MetLife covers COVID-19 claims. In the event of a death claim, please submit a signed claim form mentioning the policy number, a brief description of the insured event, and all other mandatory claim documents to the email addresses provided below. You may write to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. For death claim intimation or any queries, you can also call us at 1800-425-6969 (for customers calling from within India only), Monday to Saturday, between 10:00 am and 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.